2 Bed Flat, Potential PLO/LOA, King's Lynn, PE30 5GA, £97,500

7 Morston Drift, King's Lynn, Norfolk, PE30 5GA - 9 views - 3 years ago

Leasehold
Negative Equity
ROI: 9%
55 m²
+3 photos

ValuationUndervalued

Sold Prices£55K - £295K
Sold Prices/m²£1.2K/m² - £2.5K/m²

 

 

Square Metres

55 m²
Price/m²£1.8K/m²

Value Estimate

£103,137
BMV6%

Cashflows

Cash In

 

Purchase Finance

Mortgage

Deposit (25%)

£24,375

Stamp Duty & Legal Fees

£4,125

Total Cash In

£28,500

 

 

Cash Out

 

Rent Range

£625 - £975

Rent Estimate

£672

Running Costs/mo

£459

Cashflow/mo

£213

Cashflow/yr

£2,555

ROI

9%

Gross Yield

8%

Local Sold Prices

40 sold prices from £55K to £295K, average is £112K. £1.2K/m² to £2.5K/m², average is £1.9K/m².

PriceDateDistanceAddressBeds 
£122.5K12/200.36 miFlat A, Harvest House, Wisbech Road, King's Lynn, Norfolk PE30 5JL2
£130K01/230.86 mi26, Bransby Close, King's Lynn, Norfolk PE30 5RY2
£125K11/220.86 mi32, Bransby Close, King's Lynn, Norfolk PE30 5RY2
£120K01/230.9 miFlat 12, Three Crowns House, South Quay, King's Lynn, Norfolk PE30 5DT2
£120K10/230.9 miFlat 22, Three Crowns House, South Quay, King's Lynn, Norfolk PE30 5DT2
£122.5K05/230.9 miFlat 28, Three Crowns House, South Quay, King's Lynn, Norfolk PE30 5DT2
£125K12/200.9 miFlat 5, Three Crowns House, South Quay, King's Lynn, Norfolk PE30 5DT2
£129.9K05/210.91 miFlat 6, Three Crowns House, South Quay, King's Lynn, Norfolk PE30 5DT2
£105K11/210.92 miFlat 13, Three Crowns House, South Quay, King's Lynn, Norfolk PE30 5DT2
£158.5K10/220.93 miFlat 6, Bellfosters, Kings Staithe Lane, King's Lynn, Norfolk PE30 1LZ2
£104K11/201.07 mi44e, King Street, King's Lynn, Norfolk PE30 1ES2
£178K11/201.08 mi11, Old School Court, King's Lynn, Norfolk PE30 1DB2
£295K02/211.08 mi16, Old School Court, King's Lynn, Norfolk PE30 1DB2
£269K10/231.08 mi22, Old School Court, King's Lynn, Norfolk PE30 1DB2
£121K12/231.09 mi133, St Peters Road, West Lynn, King's Lynn, Norfolk PE34 3JL2
£90K05/211.1 miFlat 130, The Maltings, Swiss Terrace, King's Lynn, Norfolk PE30 2QS2
£111K10/221.1 miFlat 242, The Maltings, Swiss Terrace, King's Lynn, Norfolk PE30 2QS2
£113.6K06/231.14 mi64, Highgate, King's Lynn, Norfolk PE30 1PU2
£120K03/231.14 mi71, Highgate, King's Lynn, Norfolk PE30 1PU2
£210K05/211.21 miFlat 46, Trinity Quay, Page Stair Lane, King's Lynn, Norfolk PE30 1NQ2
£130K10/231.26 miFlat 10, North Hirne Court, St Anns Street, King's Lynn, Norfolk PE30 1LT2
£72K02/211.35 mi19, Harecroft Gardens, King's Lynn, Norfolk PE30 2BY2
£111K01/231.36 mi17, Harewood Parade, King's Lynn, Norfolk PE30 2BT2
£110K12/221.36 mi11, Harecroft Gardens, King's Lynn, Norfolk PE30 2BY2
£110K10/221.57 mi23, Lowfield, King's Lynn, Norfolk PE30 4RH2
£106K11/221.67 mi1, Butterwick, King's Lynn, Norfolk PE30 4RF2
£100K09/221.69 mi21, Lavender Court, Gaywood, King's Lynn, Norfolk PE30 4HL2
£115K09/231.7 mi38, Lavender Court, Gaywood, King's Lynn, Norfolk PE30 4HL2
£55K02/231.7 mi24, Lavender Court, Gaywood, King's Lynn, Norfolk PE30 4HL2
£106K09/211.7 mi38, Lavender Court, King's Lynn, Norfolk PE30 4HL2
£70K07/211.7 mi23, Lavender Court, King's Lynn, Norfolk PE30 4HL2
£111K08/231.7 mi14, Lavender Court, Gaywood, King's Lynn, Norfolk PE30 4HL2
£107.5K11/201.7 mi5, Lavender Court, King's Lynn, Norfolk PE30 4HL2
£80K02/211.7 mi30, Old South, King's Lynn, Norfolk PE30 4RN2
£80K04/211.7 mi29, Old South, King's Lynn, Norfolk PE30 4RN2
£117.5K06/211.78 mi32, Beechan Drive, King's Lynn, Norfolk PE30 4GX2
£113K11/231.81 miFlat 8, Churchill Court, Telford Close, King's Lynn, Norfolk PE30 4TZ2
£107K06/211.85 miFlat 21, Macmillan Court, Telford Close, King's Lynn, Norfolk PE30 4TJ2
£85K09/211.93 mi29, Lady Jane Grey Road, King's Lynn, Norfolk PE30 2NS2
£100K10/231.93 mi23, Lady Jane Grey Road, King's Lynn, Norfolk PE30 2NS2

Local Rents

27 rents from £625/mo to £975/mo, average is £850/mo.

RentDateDistanceAddressBeds 
£97503/240.07 miDragonfly Way, King's Lynn, Norfolk, PE30 5GR2
£92506/240.07 miHoney Bee Lane, King's Lynn, PE302
£92508/240.09 miHoney Bee Lane, King's Lynn, PE302
£92506/240.15 miDragonfly Way, King's Lynn, PE302
£85002/250.26 mi-2
£85003/250.26 mi-2
£85003/250.26 mi-2
£82506/240.27 miDiamond Terrace, KING'S LYNN2
£75009/230.28 mi-2
£82505/240.29 mi-2
£92506/240.31 miCoopers Court, Wisbech2
£87506/240.31 miCoopers Court - South Lynn2
£90009/240.31 miSouth Lynn - Coopers Court2
£80006/240.5 miGladstone Road, KING'S LYNN2
£80006/240.51 miFriars Street, KING'S LYNN2
£89506/240.54 miChecker Street, King's Lynn, PE302
£80006/240.56 miThomas Street, Kings Lynn2
£76002/250.57 mi-2
£92507/240.57 miKing's Lynn2
£80008/240.57 miChecker Street, King's Lynn2
£76003/250.57 mi-2
£85007/240.58 miFriars Street, King's Lynn2
£85006/240.58 miKing's Lynn2
£95007/240.58 miGuanock Terrace, King's Lynn, PE302
£62506/240.59 mi46 South Everard Street, King's Lynn, Norfolk, PE302
£75006/240.6 miNorth Everard Street, King's Lynn, PE302
£75006/240.6 mi-2

Local Area Statistics

Population in PE30

43,924

Population in King's Lynn

108,995

Town centre distance

1.48 miles away

Nearest school

0.10 miles away

Nearest train station

1.01 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+14%

Sales demand

Balanced market

Capital growth (5yrs)

+26%

Property History

Listed for £97,500

-30%

March 9, 2022

Sold for £127,000

2007

Floor Plans

Description

  • Reduced From £110,000 to £100,000 +

  • First Floor Apartment +

  • Two Bedrooms +

  • Open Plan Kitchen/Living Area +

  • Gas Central Heating +

  • Communal Outside Park/Play Area +

  • Viewing Highly Recommended +

  • Ideal Investment/First Time Buy +

SUMMARY
Ideal investment or first time buy with this spacious two bedroom first floor apartment with secure communal outside area and which is close to amenities. Viewing is highly recommended

DESCRIPTION
Located in South Lynn which is close to shops, schools and leisure facilities. There is a main line station in the town centre with rail links to Ely, Cambridge and London's Kings Cross Station. This spacious first floor apartment comprises communal entry system, open plan kitchen/living area, two bedrooms and a bathroom. Outside there is residents parking and a communal garden/play area and bike storage.

Communal Entrance 
Secure communal entrance door, door to communal courtyard garden/play area, stairs to first floor

Entrance Hall 
Wood effect laminate floor, entrance door, radiator, entry phone system, telephone point

Kitchen/living Area 20' 11" max x 14' 11" max ( 6.38m max x 4.55m max )
Wood effect laminate floor, double glazed windows to front aspect, TV satellite and phone point, radiator, kitchen area has a range of matching base and wall units, roll edge work top, inset stainless steel sink with mixer tap over, integrated electric oven, gas hob, extractor over, gas boiler, space for fridge freezer and plumbing for washer/dryer

Bedroom One 13' 10" x 12' 11" ( 4.22m x 3.94m )
UPVC double glazed window to rear, wood effect laminate floor, radiator, TV point

Bedroom Two 12' 1" x 8' ( 3.68m x 2.44m )
Double glazed window to front, radiator, television and internet point.

Bathroom 8' x 6' ( 2.44m x 1.83m )
Tile effect vinyl floor, bath with shower over, low level WC, wash hand basin, shaver point, radiator, extractor

Outside 
There is access via the ground floor entrance to the secure communal park/play area, bin and bike storage areas.

We currently hold lease details as displayed above, should you require further information please contact the branch. Please note additional fees could be incurred for items such as leasehold packs.

1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. The measurements indicated are supplied for guidance only and as such must be considered incorrect.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
5. THESE PARTICULARS ARE ISSUED IN GOOD FAITH BUT DO NOT CONSTITUTE REPRESENTATIONS OF FACT OR FORM PART OF ANY OFFER OR CONTRACT. THE MATTERS REFERRED TO IN THESE PARTICULARS SHOULD BE INDEPENDENTLY VERIFIED BY PROSPECTIVE BUYERS OR TENANTS. NEITHER SEQUENCE (UK) LIMITED NOR ANY OF ITS EMPLOYEES OR AGENTS HAS ANY AUTHORITY TO MAKE OR GIVE ANY REPRESENTATION OR WARRANTY WHATEVER IN RELATION TO THIS PROPERTY.

Agent Details

William H. Brown, King's Lynn

01553 603650

Next Steps?

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